The impact of a limited budget on the corrective action taking process
dc.contributor.author | Song, Jie | |
dc.contributor.author | Martens, Annelies | |
dc.contributor.author | Vanhoucke, Mario | |
dc.date.accessioned | 2020-06-03T19:18:07Z | |
dc.date.available | 2020-06-03T19:18:07Z | |
dc.date.issued | 2020 | en_US |
dc.identifier.issn | 0377-2217 | |
dc.identifier.doi | 10.1016/j.ejor.2020.03.069 | |
dc.identifier.uri | http://hdl.handle.net/20.500.12127/6514 | |
dc.description.abstract | The main goal of project control is to identify the deviations between the baseline schedule and the actual progress of the project by measuring the project performance in progress and using the project control methodologies to generate warning signals that act as triggers for corrective actions to bring the project back on track. To that purpose, tolerance limits are set on the required project performance, such that if the warning signals exceed these limits, they should result in appropriate corrective actions. In this paper, the Earned Value Management (EVM) control method and its extensions are used to test their abilities in taking corrective actions under a budget constraint. More precisely, four different approaches are proposed for allocating the limited budget along the different project phases, and whether a proper allocation of the budget results in an increase of the expected project outcome is measured. A large computational experiment is conducted on a set of artificial projects to assess the efficiency and effectiveness of the budget allocation models. Results show that simply allocating budget according to the time accrue of projects performs better than methods that take cost, time/cost or risk information into account. Moreover, results indicate that allocating a budget that increases in later stages of the project is beneficial for the outcome. | en_US |
dc.language.iso | en | en_US |
dc.publisher | Elsevier | en_US |
dc.subject | Project Management | en_US |
dc.subject | Project Control | en_US |
dc.subject | Earned Value Management | en_US |
dc.subject | Budget Allocation | en_US |
dc.subject | Simulation | en_US |
dc.title | The impact of a limited budget on the corrective action taking process | en_US |
dc.identifier.journal | European Journal of Operational Research | en_US |
dc.source.volume | 286 | en_US |
dc.source.issue | 3 | en_US |
dc.source.beginpage | 1070 | en_US |
dc.source.endpage | 1086 | en_US |
dc.contributor.department | Faculty of Economics and Business Administration, Ghent University, Tweekerkenstraat 2, 9000 Gent Belgium | en_US |
dc.contributor.department | School of management, Northwestern Polytechnical University, Xi’an, Shaanxi 710129, PR China | en_US |
dc.contributor.department | UCL School of Management, University College London, 1 Canada Square, London E14 5AA United Kingdom | en_US |
dc.identifier.eissn | 1872-6860 | |
vlerick.knowledgedomain | Operations & Supply Chain Management | en_US |
vlerick.typearticle | Vlerick strategic journal article | en_US |
vlerick.vlerickdepartment | TOM | en_US |
dc.identifier.vperid | 58614 | en_US |